Brief: Panoro Energy Q1 EBITDA At $16.0 Million

Panoro Energy ASA

25/05/2022 06:34

May 25 (Reuters) - Panoro Energy ASA  PENR.OL :
    * PANORO ENERGY: FIRST QUARTER 2022 TRADING AND FINANCIAL
UPDATE
    * Q1 COMPANY RECOGNISES REVENUE WHEN LIFTINGS OF ITS CRUDE
OIL
ENTITLEMENT OCCUR. IN LINE WITH PREVIOUSLY COMMUNICATED GUIDANCE
PANORO LIFTED AND SOLD 128,500 BARRELS IN PERIOD AT AN AVERAGE
REALISED PRICE OF USD 108 PER BARREL
    * Q1 REVENUE FROM OIL SALES FOR FIRST THREE MONTHS WAS USD
13.9
MILLION WITH TOTAL REPORTED REVENUE FOR PERIOD STANDING AT USD
16.2 MILLION
    * Q1 EBITDA FOR FIRST THREE MONTHS WAS USD 16.0 MILLION
    * FULL YEAR 2022 AVERAGE WORKING INTEREST PRODUCTION
GUIDANCE IS
UNCHANGED AT 8,000 BOPD TO 9,000 BOPD IN 2022, OF WHICH
APPROXIMATELY 60% IS ATTRIBUTED TO EQUATORIAL GUINEA, 25% TO
GABON AND 15% TO TUNISIA
    * REMAINS ON TRACK TO ACHIEVE APPROXIMATELY 10,000 BOPD NET
WORKING INTEREST PRODUCTION AROUND YEAR END FOLLOWING BOTH
START-UP OF HIBISCUS/RUCHE PHASE 1 DEVELOPMENT OFFSHORE GABON
AND ACTIVITIES IN EQUATORIAL GUINEA, INCREASING TO AN EXPECTED
RATE IN EXCESS OF 12,500 BOPD DURING 2023

Source text for Eikon:  ID:nWkr5MB5T8 
Further company coverage:  PENR.OL 

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